S&P 500: Trims Monday’s losses and more, reclaims the 4,700 figure on upbeat US economic data


  • The S&P 500 advances up 0.51%, at 4,706.87.
  • The Dow Jones climbs 0.50%, currently at 36,270.40.
  • The heavy-tech Nasdaq Composite edges higher 0.65%, at 15,957.49.

The S&P 500 edges higher during the New York session, up some 0.51%, currently at 4,706.87 at the time of writing. As portrayed by major US equity indices, the market sentiment is upbeat, rising between 0.50% and 0.65%. Positive US macroeconomic data spurred a rally in US stocks, as the Retail Sales jumped to a seven-month new high, doubling September reading.

In the New York session, the US Retail Sales for October were unveiled, showing an increase of 1.7%, more than the 1.4% estimated by analysts, smashing the 0.8% September’s number. Moreover, excluding Autos, sales for the same period expanded at the same pace that the headline, 1.7%, higher than the 1% expected.

Consumers propelled sales to their most significant jump in seven months. However, it is worth noticing that the figures are not adjusted for price changes due to higher prices. In some gasoline stations, the receipt heightened almost 4%, its highest level since March, portraying the spike in energy prices in the last couple of months.

Sector-wise, consumer discretionary, technology, and health advance 1.29%, 0.90%, and 0.73%, respectively. On the other hand, the main losers are utilities, real estate, and consumer staples, down 0.48%, 0.47%, and 0.42% each.

S&P 500 Price Forecast: Technical outlook

The daily chart depicts the S&P 500 has an upward bias, confirmed by the daily moving averages (DMA’s) well located below the index value, with an upward slope. Nevertheless, the Relative Strength Index (RSI) is at 70, well within overbought conditions, suggesting that a lower correction could happen. 

At press time, is testing the all-time high at 4,716, which in case of a daily close above the latter, would expose the 4,800 as its following resistance area. 

On the flip side, in the case of a correction, the first support would be the October 26 high at 4,598.53 that confluences with the 78.6% Fibonacci retracement as the first support level. In the outcome of a deeper correction, the October 27 low at 4,553.53.

SP 500 TECHNICAL SUPPORT/RESISTANCE LEVELS

Overview
Today last price 4703.94
Today Daily Change 21.51
Today Daily Change % 0.46
Today daily open 4682.43
 
Trends
Daily SMA20 4618.42
Daily SMA50 4495.4
Daily SMA100 4454.93
Daily SMA200 4263.92
 
Levels
Previous Daily High 4699.84
Previous Daily Low 4670.33
Previous Weekly High 4711.34
Previous Weekly Low 4629.37
Previous Monthly High 4608.9
Previous Monthly Low 4270.1
Daily Fibonacci 38.2% 4681.6
Daily Fibonacci 61.8% 4688.57
Daily Pivot Point S1 4668.56
Daily Pivot Point S2 4654.69
Daily Pivot Point S3 4639.05
Daily Pivot Point R1 4698.07
Daily Pivot Point R2 4713.71
Daily Pivot Point R3 4727.58

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD retreats below 1.1300 area as NFP-inspired dollar weakness fades

EUR/USD jumped to a daily high of 1.1333 with the initial market reaction to the disappointing November Nonfarm Payrolls data but quickly returned below 1.1300. Rising US Treasury bond yields seem to be helping the dollar stay resilient against its major rivals. 

EUR/USD News

GBP/USDdrops to 1.3250 area as dollar regains strength

GBP/USD spiked above 1.3300 in the early American session with the initial market reaction to the gloomy US November jobs report. However, the greenback regathered strength on hawkish Fed commentary and forced the pair to turn south.

GBP/USD News

Gold struggles to capitalize on weak NFP data, holds near $1,770

Gold spiked to a daily high near $1,780 with the initial market reaction to the disappointing Nonfarm Payrolls data from the US but seems to be having a difficult time preserving its bullish momentum with the 10-year US T-bond yield staying resilient.

Gold News

The bull and the bear case for BTC

Bitcoin price saw a bullish impulse that faced massive headwinds before it tagged a crucial psychological barrier. Bitcoin is likely to experience massive volatility as the situation resolves over time. 

Read more

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

Forex MAJORS

Cryptocurrencies

Signatures